(1) (a) Whenever a private entity's real estate development is supported by funding from the authority, authority staff may negotiate and enter into a revenue sharing agreement with the private entity. (b) The revenue sharing agreement shall establish, at a minimum: (i) a flat amount from or a percentage of the funds generated from the development that the private entity agrees to provide to the authority for contribution into the reinvestment account; and (ii) if the authority and private entity agree on a percentage of funds: (A) how often the private entity shall provide the percentage to the authority; and (B) the amount of time the private entity shall provide the percentage to the authority. (2) (a) Following the remediation and development of land included in a remediation project area, as described in Section 11-58-605, the authority shall ensure that a percentage of the profits derived from private sector activities in the project area are deposited into the reinvestment account on an annual basis. (b) The board, in consultation with the Office of the Legislative Fiscal Analyst, shall establish the percentage of profits described in Subsection (2)(a) for each remediation project area, which shall be no more than 50% of annual revenues from a remediation project area.
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